Related Party Transactions |
12 Months Ended |
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Dec. 31, 2023 | |
| Related Party Transactions | |
| Related Party Transactions |
13. Related Party Transactions In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans adheres to prevailing Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of December 31, 2023, and 2022, loans to known shareholders totaled $25,551,356 and $23,545,094, respectively. Interest income earned on these loans totaled $2,447,943 and $1,896,834 for the years ended December 31, 2023 and 2022, respectively. Until the third quarter of 2022, the wife of the Company’s chief executive officer was employed by the Company as its director of finance. For 2023 and 2022, she received compensation of $-0- and $63,168, respectively. She retired in the third quarter of 2022. In December 2021, the Company hired the daughter of the Company’s chief executive officer to perform certain internal audit and compliance services. For 2023 and 2022, she received compensation of $192,346 and $141,652, respectively. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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